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How To Buy Bitcoin & Crypto (XRP, Doge etc) in UAE and Dubai
Coinmama offers the exchange of 11 cryptocurrencies, meaning it is also a great place if you are looking to purchase more than just Bitcoin. Although Coinmama does not display any of their prices in the AED, they do allow you to purchase in any currency, including AED.
There are a few downsides with Coinmama, having a minimum purchase of 100USD for a start, in combination with charging up to 5.9% fees on your activities, this stops it from being the first choice in a lot of investors’ eyes.
CEX.IO is a versatile organisation, offering three separate platforms to investors, the first of which is CEX.IO itself, it acts as a classic cryptocurrency market/exchange, offering the instant buying and selling of numerous cryptos. Secondly, we have CEX.IO Broker, it acts as a crypto CFD brokerage, offering a range of different trading tools, and lastly, we have CEX.DIRECT which is aimed at those looking to purchase cryptocurrency but not as much for trading purposes, more for holding or usage.
CEX.IO’s fees aren’t the cheapest, but they also can’t really be considered high. On credit card purchases, CEX.IO requires 3% and sometimes a small commission of about $5 too. You can circumvent most of the fees by simply buying through CEX.IO’s trading interface, as it has lower fees to incentivize day traders.
Though Bitfinex still deserves a mention on this list as they can cater specifically towards those with a large amount of capital, offering OTC (Over the Counter), trades to $100,000+ purchases. OTC trades are normally the top choice when it comes to organisations buying Bitcoin as they are suited to large private deals, away from exchanges.
Bitfinex offer free deposits and only charge for some major cryptos when it comes to withdrawals, with Bitcoin coming in at a 0.0004 BTC fee.
The platform also boasts low commissions, though in exchange for this, the companies exchange rates are quite poor, making up for the low fees. Paybis also have great security to keep your coins and details secure.
Nevertheless, Paxful is still a viable method of acquiring Bitcoin, you just need to remember the risks and such when using it.
EToro has numerous features that secure it a peg above its competitors, offering their users competitively low fees, for example not charging a penny for sending or receiving crypto to/from their platform. This means that you can withdraw and deposit all you like without any loss in coins, apart from miner fees ofcourse. Another great feature is their cyber security. EToro’s funds are fully managed and kept in cold storage, making it incredibly difficult for any hackers to come close to accessing your coins, this is one of the many features that secure EToro as a top pick for those looking to buy crypto in the UAE.
AFSL 491139. Leveraged positions and short positions are OTC Derivatives, regulated financial product. Capital at risk. See PDS and TMD.
Non-leveraged buy positions are real crypto assets and not regulated. No consumer protection. Capital at risk.
Crypto Exchanges Based in and around the UAE
The Rain crypto exchange has strong regulatory oversight, being that it is licensed by the Central Bank of Bahrain. This ensures they keep great security of your cryptos and does their best to keep them safe. They also offer 24/7 customer support, so if anything goes wrong or you are unsure about an aspect of your experience, they are always contactable. They also have a great customer support section.
They also have great fees, charging only 1.5% on transactions through their brokerage! This makes them a great choice for those in the UAE.
Bitex has 0 fee on deposits thankfully, though on withdrawals they charge 0.0005 BTC and a minimum of 0.001 BTC withdrawn.
BitOasis offers the trading of over 10 different assets, with plans to introduce more. They also utilise cold storage to keep their assets safe, creating a reliable environment to store your coins. BitOasis offers two iterations of their platform, Core and Pro, with Pro being suited to the more regular traders, offering more assets, trading pairs, and other features.
When it comes to fees, BitOasis has a standard withdrawal fee of 0.0005 BTC, which is good if you are trading large amounts, though quite high otherwise.
Palmex charges some quite competitive fees, with trading fees being a maximum of 0.4%. Their deposits are always free, though they charge a mall network fee when you withdraw your assets. Palmex has a lot of pros though is much more suited to seasoned traders rather than those looking to just purchase some Bitcoin.
Bitcoin ATMs in Dubai and UAE
Bitcoin and other cryptocurrency ATMs have been popping up all over the world, though it seems this digital revolution hasn’t quite reached the same level in the middle east. There appears to only be a few in the UAE. There is a couple in Dubai and in Abu Dhabi but due to the lack of publicity and their rarity, online exchange is the most common method in the UAE when it comes to purchasing Bitcoin.
Some Options for Crypto Wallets
You can use online wallets to store Bitcoin in the UAE, the one of these we would recommend is Exodus Wallet. What is even more secure is storing them in an offline physical wallet, such as Trezor or Ledger.
Bitcoin is Considered Halaal under Sharia Law
At this point in time there is no strong legislation or ruling of being haram, so it is best to make the decision to invest in it yourself.
Bitcoin’s Legal and Tax Status in Dubai
Dubai is a country that is welcoming to Bitcoin and blockchain technology. They have even recently launched the Emirates Blockchain Strategy in 2021 and aim to conduct 50% of government transactions on the blockchain. Overall, the regulations on Bitcoin in the UAE are considered “vague” as there is no legislation for or against the digital currency when it comes to everyday users, though the UAE is pushing their own digital currencies, such as Emcash.
If you use Bitcoin in the UAE for salary or trading purposes, you pay no income tax thanks to the UAE’s very relaxed tax laws.
What to keep in mind when buying, trading Bitcoin in the UAE
When buying Bitcoin in the UAE, the main things to be aware of is that you are buying from a well-established exchange, and that said exchange is offering their services to Dubai, otherwise you will be wasting your time and possibly giving your details away to sites that shouldn’t have them.
Another thing is to make sure you are getting a good exchange rate on your purchase, many of the exchanges suited to crypto novices make their money by upping their exchange rate and boasting low or no commission on their purchases, this can be checked by researching the price at the time of purchase.
Of course, you also need to keep an eye out in case the UAE changes its stance on crypto regulation as you don’t want to be involved in any illegal activities.
What is the price of Bitcoin in Dubai?
The price of Bitcoin is the same as the rest of the world, with the current exchange rate being 168,500 AED at the time of writing (45,900 USD)
How do I cash out of Bitcoin in Dubai?
Can I buy property with Bitcoin in Dubai?
There is a number of different estate agents and other organisations that accept Bitcoin for their properties in the UAE, though it should be noted that the prices will normally be presented in Dirhams, meaning the price in BTC is constantly fluctuating.
Is Bitcoin Trading Legal In The UAE?
Bitcoin trading is legal in the UAE and can be conducted in a wide range of places, including the list of crypto exchanges previously listed in this article. There is the question of whether or not it is legal under sharia law, though there isn’t really an official decision on this, so it is up to you to make that judgement.
Which bitcoin wallet works in Dubai?
There is a popular saying in the crypto world, “Not your keys, not your coins”. This refers to those keeping your coins on crypto exchanges that don’t show your private keys and such. It is best avoided storing them on exchanges as they are at risks of hacking and the coins are not completely in your possession.
What is the best Bitcoin wallet in UAE?
Buy bitcoin in Dubai with cash
It is quite hard to buy Bitcoin with cash in Dubai, there is a small amount of Bitcoin ATMs you could visit which can facilitate the transaction for you, though they are quite uncommon. Another method is to sale for physical cash over localbitcoins.com or another peer-to-peer transaction platform, though this is much riskier due to the lack of an intermediary party to verify the transaction.
How to buy Ethereum in Dubai?
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com